{"id":17998,"date":"2022-06-16T16:22:32","date_gmt":"2022-06-16T14:22:32","guid":{"rendered":"https:\/\/www.fundacionbankinter.org\/noticias\/exist-en-el-ecosistema-espanol-de-startups\/"},"modified":"2025-12-01T23:18:27","modified_gmt":"2025-12-01T22:18:27","slug":"exits-in-the-spanish-startup-ecosystem","status":"publish","type":"noticias","link":"https:\/\/www.fundacionbankinter.org\/en\/news\/exits-in-the-spanish-startup-ecosystem\/","title":{"rendered":"Exits in the Spanish startup ecosystem"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Exits in the Spanish startup ecosystem have been a rare event, historically. This trend was reversed in 2020, when these deals have grown exponentially, partly due to greater international exposure, and partly due to significantly higher quality Spanish companies.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"886\" height=\"347\" src=\"https:\/\/www.fundacionbankinter.org\/wp-content\/uploads\/2022\/06\/image-2.png\" alt=\"Exits in the Spanish startup ecosystem have been a rare event\" class=\"wp-image-18000\" srcset=\"https:\/\/www.fundacionbankinter.org\/wp-content\/uploads\/2022\/06\/image-2.png 886w, https:\/\/www.fundacionbankinter.org\/wp-content\/uploads\/2022\/06\/image-2-300x117.png 300w, https:\/\/www.fundacionbankinter.org\/wp-content\/uploads\/2022\/06\/image-2-768x301.png 768w\" sizes=\"auto, (max-width: 886px) 100vw, 886px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">First off, note that price figures are known for 58% of deals, and 67% in 2022. So, these data pertain public deals only.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By aggregating the data of published deals, collected by the Startup Observatory, we can present the main features of exits or divestments in the Spanish startup ecosystem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1.- There have been a grand total of 270 exits in the Spanish ecosystem, amounting to \u20ac13 billion. Year to date, there have been 34 deals worth more than \u20ac2 billion<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2.- Startups that have had an exit in 2022 had previously captured, on average, \u20ac32.5 million\u2014a token of the growth of startups and investment in Spain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3.- If we zoom into exits per industry, software is the most active, while Mobility &amp; Logistics tops the value ranking.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Business &amp; Productivity is the sector where there have been more divestments in 2022. The dominant sector, measured in capital generated, is Mobility &amp; Logistics, due to the large operations with <a href=\"https:\/\/datastudio.google.com\/u\/0\/reporting\/9d09b48b-96f5-4f7a-8dd2-cf84a8c9c4d4\/page\/hg99?params=%7B%22df74%22:%22include%25EE%2580%25800%25EE%2580%2580IN%25EE%2580%2580Reby%22%7D\" target=\"_blank\" rel=\"noreferrer noopener\">Reby<\/a>, <a href=\"https:\/\/datastudio.google.com\/u\/0\/reporting\/9d09b48b-96f5-4f7a-8dd2-cf84a8c9c4d4\/page\/hg99?params=%7B%22df74%22:%22include%25EE%2580%25800%25EE%2580%2580IN%25EE%2580%2580Glovo%22%7D\" target=\"_blank\" rel=\"noreferrer noopener\">Glovo<\/a> and <a href=\"https:\/\/datastudio.google.com\/u\/0\/reporting\/9d09b48b-96f5-4f7a-8dd2-cf84a8c9c4d4\/page\/hg99?params=%7B%22df74%22:%22include%25EE%2580%25800%25EE%2580%2580IN%25EE%2580%2580Clicars%22%7D\" target=\"_blank\" rel=\"noreferrer noopener\">Clicars<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4.- Regarding the location of divested startups, Madrid leads the ranking (108 deals) vs Barcelona (88). This trend reverses in 2022, when Barcelona-based startups lead in exits, with 44% of deals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5.- Regarding the buyers, we should highlight Industrial players as the most active, accounting for 52% of deals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In most cases, the buyers in 2022 (this applies to 70% of deals) were another startup or a tech company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">6.- Types of Exits. Most deals are inorganic growth, where a company buys the startup (M&amp;A). Despite a slight increase, Initial Public Offerings are still a minority. Partial exits (secondary market) are more common, but M&amp;A continues to dominate this market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Find out all the details of these successful operations in the<a href=\"https:\/\/www.fundacionbankinter.org\/en\/programs\/startups\/observatory\/\" target=\"_blank\" rel=\"noreferrer noopener\"> Startup Observatory.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Traditionally there has been little exits or divestment activity in the Spanish startup ecosystem, but this trend has changed, demonstrating the maturing of the ecosystem. <\/p>\n","protected":false},"featured_media":14462,"template":"","meta":{"_acf_changed":false,"_oaas_summary":"Historically, exits in the Spanish startup ecosystem were rare, but this changed dramatically in 2020, with exponential growth in exit deals driven by increased international exposure and higher quality startups. According to data from the Startup Observatory, there have been 270 exits totaling \u20ac13 billion, including 34 deals exceeding \u20ac2 billion. On average, startups exiting in 2022 had previously raised \u20ac32.5 million, reflecting the growth of investment in Spanish startups. Sector-wise, software leads in the number of exits, while Mobility & Logistics dominates in terms of capital generated, fueled by significant deals involving companies like Reby, Glovo, and Clicars. Business & Productivity saw the most divestments in 2022.\n\nGeographically, Madrid historically led in startup exits, but in 2022, Barcelona-based startups took the lead with 44% of deals. Industrial players were the most active buyers, accounting for 52% of acquisitions, with 70% of 2022 deals involving startups or tech companies as buyers. Most exits occurred through mergers and acquisitions (M&A), which remain the dominant exit type, although partial exits via the secondary market are increasingly common. Initial Public Offerings (IPOs) are still relatively rare. For a comprehensive analysis of these successful transactions, the Startup Observatory provides detailed insights.","_oaas_audio_url":"https:\/\/www.fundacionbankinter.org\/wp-content\/uploads\/2025\/12\/summary-17998-1764627511.mp3"},"categories":[],"class_list":["post-17998","noticias","type-noticias","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exits in the Spanish startup ecosystem<\/title>\n<meta name=\"description\" content=\"Traditionally there has been little exits or divestment activity in the Spanish startup ecosystem, but this trend has changed, demonstrating the maturing of the ecosystem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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